According to a report from risk advisory consultancy Archer released on Thursday, Brazilian mills have hedged approximately 22.8 million metric tons of sugar for export during the 2024/25 season (April-March) using ICE futures by the end of April, reported Reuters.
This amount represents roughly 84% of the total volume expected to be exported by Brazilian mills in that crop year. Archer noted that the pace of hedging is consistent with the same period in the previous year.
The report highlighted that the average price at which the mills have hedged their sugar is 21.94 cents per pound. By comparison, the spot raw sugar contract on ICE SBc1 concluded on Thursday at 19.60 cents per pound.
